The Treasure Island Resort World Hotel and Shopping Center at Nam Vam Lake near Praca Ferreira Amaral will open in December 2022.
The project mall will include a fourth store of the Parisian department store Galeries Lafayette which will open in Greater China. Further details of the project’s offerings will be revealed by representatives of Bona Film Group and Forward Fashion (International) next week.
Bona Film Group is one of China’s largest joint-stock film distribution companies, a Chinese mainland and Hong Kong film production and distribution company.
Meanwhile, Forward Fashion is an investment holding company mainly engaged in apparel retail, which operates more than 200 retail stores in mainland China, Macao, Hong Kong and Taiwan.
The 5-star integrated resort project previously connected to Genting at Nam Vam Lake had a completion date set for June 2022 as the project suffered several construction suspensions due to the pandemic and funding issues.
In January 2021, leisure and hospitality company Genting Hong Kong Limited sold its interest in Treasure Island Entertainment Complex Limited – a company incorporated in Macau and the registered owner and beneficiary of an 8,100 square meter plot of land near Praca Ferreira Amaral land – to a company owned by local real estate businesswoman Ao Mio Leong for HK$750 million ($96.7 million).
With business interests in real estate, leisure and hotel investments, Ao is also linked to property development company Yoho Group, which was involved in the development of the Macau Roosevelt Hotel on the grounds of the Macau Jockey Club; the Yoho Twins and the Co-Tai Marina Bay project.
Under the terms of the agreement, Genting’s trading subsidiary, Star Cruises Asia Holding Ltd., has agreed to sell 50% of the total issued share capital of Genting Macau Holdings Limited and the full amount of the loan, rights, title, shareholder benefits and interests to White Supreme, a Marshall Islands-registered investment holding company owned by Ao.
The remaining 25% stake in Macau Land Investment is held by two companies partly owned by local businessman Kwan Yan Chi and his brother Kwan Yan Ming.
At the time, Genting Hong Kong said the divestment was part of plans to shift its main focus to its cruise and shipyard businesses, as the company recently filed for liquidation of the company after it failed to obtain financing to pay its debts.
The company warned last month that it faced a potential cross-default of US$2.78 billion following the insolvency of its German shipbuilding subsidiary, while founder Lim Kok Thay – which owns 76% of Genting Hong Kong – has already stepped down as chairman, CEO and executive director.
The gross development value of the project is estimated at HK$4.6 billion, with the property’s previously assessed market value being HK$1.5 billion.
Previous public development plans for the property called for the construction of a 21-story building for a five-star hotel with 708 hotel rooms and a gross floor area of 70,284 square meters, plus a parking lot of 12,080 square meters and a free zone with an area of 5,581 square meters.
In July 2017, the Bureau of Lands, Works and Transportation (DSSOPT) granted Treasure Island a construction permit extension for 36 months.
Due to the COVID-19 pandemic, development of the land was suspended for 15 days in February 2020, but construction – under the leadership of China Civil Engineering Construction Company (Macao) – gradually resumed thereafter until July 2020, when the building structure was completed.
Construction work was then put on hold to conserve cash until additional funding was secured, and again due to the pandemic, with DSSOPT issuing two letters in September and October 2020 urging Treasure Island to respect the completion period, which has been set, expires on April 18, 2021.
The land rights were then sold to Ao Mio Leong and the Kwan brothers, with Genting Hong Kong indicating that subject to obtaining the relevant approval from the Macau government, the latest expected completion date should be around mid -2022.
The project is now expected to open by the end of this year.
Genting Hong Kong had indicated in its last annual report before divesting itself of the project that it planned to develop a hotel and a casino on the site.